DeepSeek raises $7B in Series A, hits $59B valuation

Hangzhou-based AI startup DeepSeek has raised approximately 50 billion yuan (US$7.4 billion) in a Series A funding round, giving it a post-investment valuation of about 400 billion yuan (US$59.2 billion), according to a source with knowledge of the matter. The deal makes DeepSeek one of China's most valuable AI startups, surpassing Moonshot AI's US$30 billion valuation and MiniMax AI's US$17.7 billion market cap, though trailing Zhipu AI's US$95 billion market value. Founder Liang Wenfeng led the round to maintain control over the company's direction after bringing in external investors. Liang remains committed to pursuing artificial general intelligence (AGI), a vision he reinforced to investors during an online meeting last month. He told investors that DeepSeek's focus is solely on enhancing AI model intelligence and has no interest in anything else.